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Estate planning for a client who intends to benefit an individual with a disability or special needs requires looking to the future as to the needs this individual will have, particularly as he or she ages, which is not an easy task.

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According to the US Census Bureau, more than 51 million Americans are currently aged 65 or older, and the number is steadily increasing while medical and technological advancements are allowing seniors to live longer and better lives than ever before. The expanding needs of the US aging population are contributing to an increase the complexity and availability of federal and/or state programs designed to assist seniors. Every senior has a unique set of facts and circumstances that influence and inform their planning as they age. An important part of creating a successful plan for aging is to retain the services of an elder law attorney.

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To start with, let’s not hide from the question at hand: Yes, you can “accomplish” estate planning by doing nothing more than putting your spouse and/or children’s names on each of your assets. When you die, the assets to which you have added your family members’ names will automatically pass to those persons. (In legal jargon, we call this “by operation of law.”) This is a simple procedure which accomplishes one task: getting the jointly-held asset to the person you’ve made a joint owner, at little-to-no effort.

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When people marry for the second time (or more), losing assets to pay for their new spouse’s serious illness is probably the last thing on their minds when they say “I do.” But that could happen. Current costs for long-term care facilities in the St. Louis metro area can run between $60,000 – $140,000 annually. Studies show that 70% of Americans will need that kind of care, perhaps for three years or longer. 

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A durable power of attorney is one of the most important estate planning documents you can have.  It allows someone who you appoint (your agent) to make decisions on your behalf in the event you become incapacitated. If you have not appointed an agent then your friends and family may not have the authority to make decisions on your behalf.  In that case, a judge may have to appoint someone for this task, which can require a court process that is expensive and tedious.

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